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Deferred charge through consent order?

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qwertyuiop12345
Posted by
New Member

17 Sep 24 #524017 by qwertyuiop12345

Topic started by qwertyuiop12345

Hi
About to have the Consent Order drafted. We have decided that I will have my name off the deeds to the property (so I can buy my own place) and have a deferred charge for X amount - they will stay in the house with the kids until selling in X years. Is the deferred charge authorised through the judge approving the consent order or do I also need to put the charge through land registry.
Advice very welcome

EMC3419
Elite Member

17 Sep 24 #524018 by EMC3419

Reply from EMC3419

You will need to register the charge at HM Land Registry.

Also, make sure if you are coming off the deeds that you are also coming off the mortgage. You probably won't be able to get another mortgage if you are still tied to the old one.

WYSPECIAL
Moderator

17 Sep 24 #524020 by WYSPECIAL

Reply from WYSPECIAL

You also need to check that the lender is prepared to release you from the mortgage. If your ex can’t afford to buy you may well find the lender won’t be prepared to change the mortgage to their sole name.

qwertyuiop12345
Posted by
New Member

17 Sep 24 #524023 by qwertyuiop12345

Reply from qwertyuiop12345

Thanks both. They are taking over the mortgage. Can the charge be put through land registry after being taken off the deeds? I.e. some time after divorce. I need to be off the deeds ASAP and I'm worried that applying for the deferred charge will slow things down. Ideally will get consent order and off deeds, then later put charge on. But I'm not sure if this is possible

WYSPECIAL
Moderator

18 Sep 24 #524024 by WYSPECIAL

Reply from WYSPECIAL

If the mortgage lender gives permission, and you are happy with the extra risk and costs, then you can do it now.

qwertyuiop12345
Posted by
New Member

18 Sep 24 #524025 by qwertyuiop12345

Reply from qwertyuiop12345

Thanks, appreciate it

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